Entergy Corp (NYSE:ETR) CEO, Andrew Marsh, has sold a total of 600 shares of the company's common stock at an average price of $120.03, netting a total of $72,018. The transactions took place on August 28, as per the latest SEC filings.
The sales were conducted in multiple transactions ranging from $120.00 to $120.05 per share. In a footnote associated with the filing, it was indicated that the reported price is a weighted average, and full information regarding the number of shares sold at each price within the range is available upon request.
In addition to the sale, the same filing disclosed that Marsh also acquired 600 shares of Entergy common stock at $89.90 each, amounting to a total of $53,940. This acquisition was made pursuant to a Rule 10b5-1 trading plan, which had been previously adopted by Marsh on May 6, 2024.
Following these transactions, Marsh's direct holdings in Entergy Corp have adjusted to 150,731 shares of common stock. The filing also noted an indirect ownership of 1,147 shares held through a 401(k) plan.
Entergy Corp, headquartered in New Orleans, Louisiana, operates in the electric services industry and has been a significant player in the energy sector. The company's stock performance and executive transactions are closely watched by investors for insights into Entergy's financial health and management's confidence in the company's future prospects.
The transactions are part of routine trading activities by corporate executives, which are required to be disclosed to the Securities and Exchange Commission and made public to ensure transparency in the financial markets.
In other recent news, Entergy Corporation (NYSE:ETR) has reported strong second-quarter operating earnings per share (EPS) of $1.92, surpassing both BMO Capital's estimate of $1.70 and the consensus estimate of $1.76. The company also announced a robust net liquidity of $5.9 billion and confirmed its adjusted EPS guidance for 2024. On the heels of these results, BMO Capital Markets raised its price target for Entergy to $131 from $124, maintaining an Outperform rating. Evercore ISI also increased its price target for the company to $120 from $103, citing potential industrial opportunities including the growth of data centers and large projects in the Gulf region.
The extension of the Louisiana formula rate plan (FRP) is expected to provide more certainty around nearly 40% of Entergy's three-year capital plan. However, both BMO Capital and Evercore ISI noted that storms present a primary risk to the company's operational and financial stability. Despite these challenges, Entergy is progressing with infrastructure projects and growth strategies, including expanding its renewable energy portfolio with a large RFP for renewable projects in Louisiana expected in the fall. These are the recent developments for Entergy Corporation.
InvestingPro Insights
Entergy Corp (NYSE:ETR) has demonstrated a commitment to shareholder returns, as evidenced by the company's track record of increasing its dividend for 9 consecutive years, and maintaining dividend payments for an impressive 37 years. This consistency in dividend growth is a positive signal for income-oriented investors, especially considering the current dividend yield of 3.79% as of the latest data. The company's dedication to rewarding shareholders aligns with the recent executive transactions and may influence investor sentiment.
InvestingPro data reveals that Entergy is trading at a P/E ratio of 14.29, which is considered low relative to near-term earnings growth. This suggests that the stock may be undervalued, presenting a potential opportunity for value investors. Furthermore, the company is trading near its 52-week high, with the price at 96.94% of the peak, reflecting a strong performance over the past year with a total return of 27.17%. Such robust price appreciation could indicate market confidence in the company's prospects.
For investors seeking further insights into Entergy's financial performance and stock potential, InvestingPro offers additional tips. Currently, there are 10 more InvestingPro Tips available, which can provide a more comprehensive analysis of Entergy's financial health and future outlook. These tips, combined with the real-time data, can help investors make more informed decisions regarding their investment in Entergy Corp.
For a deeper dive into Entergy's performance metrics and additional InvestingPro Tips, visit https://www.investing.com/pro/ETR.
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